In a significant development for investors of Stellantis N.V. (NYSE: STLA), the deadline for filing lead plaintiff applications in a class action lawsuit is fast approaching. ClaimsFiler, a service dedicated to assisting shareholders, has announced that investors who incurred losses exceeding $100,000 during the specified class period of February 15, 2024, to July 24, 2024, must submit their applications by October 15, 2024. This lawsuit is currently pending in the United States District Court for the Southern District of New York.
The lawsuit alleges that Stellantis and certain executives failed to disclose critical information during the class period, which constitutes a violation of federal securities laws. The situation escalated on July 25, 2024, when Stellantis released its financial results for the first half of the year, revealing disappointing figures that caught many investors off guard. According to the report, the company recorded net revenues of €85.0 billion, marking a 14% decline compared to the same period in 2023. Additionally, net profit plummeted by 48% to €5.6 billion, attributed to lower volume, unfavorable foreign exchange rates, and restructuring costs. The adjusted operating income also saw a significant drop, decreasing by €5.7 billion compared to the previous year, primarily due to challenges faced in the North American market.
The immediate impact of this news was reflected in the stock market, where Stellantis shares fell sharply from a closing price of $19.60 on July 24, 2024, to $17.66 by July 26, 2024. This decline highlights the market’s reaction to the disappointing financial disclosures and raises concerns among shareholders regarding the company’s transparency and management practices.
Investors who believe they may be affected by these developments are encouraged to explore their legal options. ClaimsFiler offers a platform where investors can register for free to access information about various securities class action cases. This service allows them to submit their claims in a timely manner and stay informed about relevant legal actions that may impact their investments. Furthermore, investors can upload their portfolio transactional data to receive notifications regarding securities cases in which they may have a financial interest.
The case is officially listed as Long v. Stellantis N.V., et al., No. 24-cv-06196. Investors seeking more information about the lawsuit or needing assistance with the claims process can reach out to the law firm Kahn Swick & Foti, LLC, which is collaborating with ClaimsFiler to provide legal evaluations and support.
As the deadline approaches, it is crucial for affected investors to act swiftly to ensure their rights are protected and that they have the opportunity to recover their losses. With the complexities of securities law and class action procedures, having access to reliable information and legal guidance is essential for navigating this challenging landscape.
For those interested in learning more about their options, ClaimsFiler serves as a valuable resource, dedicated to helping retail investors reclaim their share of billions of dollars from securities class action settlements.
